Nvidia-backed SiFive hits $3.65B valuation after $400M oversubscribed round, advancing open RISC-V chip designs to challenge Intel and ARM in the AI hardware race

SiFive doesn't fab chips — they license RISC-V IP, and 500+ designs are already built on their blueprints. At $3.65B pre-IPO with NVLink Fusion giving their cores direct coherent access to Nvidia GPUs, they're pricing in ARM displacement at the data center level. Open ISA with zero per-unit royalties vs ARM's licensing tax is the same wedge that open-source protocols used to eat proprietary infra — except this time it's silicon, and every hyperscaler building custom AI inference rigs has a reason to care about that cost delta.

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